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From Charity Nwakaudu, Abuja
Minister of Solid Minerals Development, Dr. Henry Dele Alake, has said reforms in the mining sector have attracted more than $2.6 billion in Foreign Direct Investment (FDI).
Alake disclosed this in Abuja when the Director-General of the South-South Development Commission (SSDC), Ms. Usoro Offiong Akpabio, led a delegation of the commission on a courtesy visit to the ministry.
The minister also pledged the Federal Government’s support for the commission to harness the South-South’s solid mineral resources for investment, job creation and sustainable development.
He said the engagement was part of efforts by the Federal Government to use the geopolitical development commissions established by President Bola Ahmed Tinubu to accelerate development across the six geopolitical zones.
Alake said the South-South, despite being traditionally associated with oil and gas, had significant solid mineral deposits that could play a major role in Nigeria’s economic diversification.
“The South-South is strategically positioned in the nation’s diversification drive because it possesses significant deposits of solid minerals,” he said.
The minister said reforms introduced by his ministry were repositioning the mining sector as a major driver of industrialisation through local value addition, responsible mining, investment promotion and stronger regulation.
According to him, the reforms had not only attracted over $2.6 billion in FDI but had also increased revenue accruing to the Federal Government from the sector.
He added that the emergence of mineral processing facilities across the country was creating jobs and expanding economic opportunities for Nigerians.
Alake urged South-South states to take advantage of the Federal Government’s framework for direct state participation in mining through State-owned Special Purpose Vehicles (SPVs) and properly obtained mining titles.
“Several states have already secured mining licence approvals through this framework,” he said.
However, the minister cautioned states against introducing unilateral policies on mining, warning that conflicting regulations could undermine investor confidence.
He stressed that regulatory consistency was necessary to ensure a predictable business environment and prevent multiple authorities from controlling the sector.
“We have a commonality of objective; we just need to harmonise our strategies and tactics to achieve it,” Alake said.
He assured the SSDC of the ministry’s cooperation in its efforts to develop the region’s mineral resources.
Earlier, Akpabio said the commission was seeking a practical partnership with the ministry in sustainable mining, environmental innovation, investment and job creation.
She said the SSDC would align its activities with the ministry’s policies and collaborate with state authorities and security agencies, particularly in the training and formalisation of artisanal miners.
“We are seeking a practical partnership with the ministry around sustainable mining, environmental innovation, investment and job creation,” Akpabio said.
The minister and SSDC leadership also agreed on the need for regional stakeholder and investment engagements to showcase specific mineral opportunities and connect investors with viable projects across the South-South.
Alake said the ministry would involve the commission in such engagements, describing the SSDC as a potential driver of deeper investment and development in the region.
